QQQ vs. UGA
QQQ (Invesco QQQ ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, QQQ returned 22.07%/yr vs 14.31%/yr for UGA. At a 0.20 correlation, their price movements are largely independent. QQQ charges 0.18%/yr vs 0.75%/yr for UGA.
Performance
QQQ vs. UGA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, QQQ achieves a 16.45% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, QQQ has outperformed UGA with an annualized return of 22.07%, while UGA has yielded a comparatively lower 14.31% annualized return.
QQQ
- 1D
- -3.29%
- 1M
- -0.43%
- YTD
- 16.45%
- 6M
- 14.99%
- 1Y
- 34.88%
- 3Y*
- 26.05%
- 5Y*
- 16.01%
- 10Y*
- 22.07%
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
QQQ vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 16.45% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between QQQ and UGA is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.20 |
The correlation between QQQ and UGA shifts across timeframes, from -0.18 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
QQQ vs. UGA — Risk / Return Rank
QQQ
UGA
QQQ vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ ETF (QQQ) and United States Gasoline Fund LP (UGA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| QQQ | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.30 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.93 | 3.17 | -0.24 |
| Martin ratioReturn relative to average drawdown | 10.86 | 9.39 | +1.47 |
Loading charts...
Drawdowns
QQQ vs. UGA - Drawdown Comparison
The maximum QQQ drawdown since its inception was -82.97%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for QQQ and UGA.
Loading charts...
Drawdown Indicators
| QQQ | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.97% | -86.59% | +3.62% |
Max Drawdown (1Y)Largest decline over 1 year | -11.96% | -18.96% | +7.00% |
Max Drawdown (3Y)Largest decline over 3 years | -22.77% | -26.68% | +3.91% |
Max Drawdown (5Y)Largest decline over 5 years | -35.12% | -38.11% | +2.99% |
Max Drawdown (10Y)Largest decline over 10 years | -35.12% | -75.89% | +40.77% |
Current DrawdownCurrent decline from peak | -4.25% | -18.05% | +13.80% |
Average DrawdownAverage peak-to-trough decline | -32.73% | -36.69% | +3.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 6.43% | -3.21% |
Volatility
QQQ vs. UGA - Volatility Comparison
Invesco QQQ ETF (QQQ) and United States Gasoline Fund LP (UGA) have volatilities of 9.17% and 9.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| QQQ | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.17% | 9.24% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 14.57% | 30.57% | -16.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.96% | 35.22% | -17.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.69% | 34.45% | -11.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.42% | 37.22% | -14.80% |
QQQ vs. UGA - Expense Ratio Comparison
QQQ has a 0.18% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
QQQ vs. UGA - Dividend Comparison
QQQ's dividend yield for the trailing twelve months is around 0.43%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 0.43% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QQQ and UGA have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to QQQ (9.17%). In terms of maximum drawdown, QQQ dropped -82.97% vs UGA's -86.59%.
On 10-year performance, QQQ leads with 22.07% vs 14.31% for UGA. On fees, QQQ is cheaper at 0.18% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QQQ has performed better with a 22.07% return vs 14.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.75% for UGA.
QQQ has the higher dividend yield at 0.43%, compared with 0.00% for UGA.
QQQ is categorized as Nasdaq-100, while UGA is Oil & Gas. QQQ tracks NASDAQ-100 Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.18% for QQQ and 0.75% for UGA.
QQQ currently has the higher Sharpe Ratio (1.95 vs 1.73), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for QQQ and UGA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer